Most financial aid packages incorporate some type of need-based as well as merit-based aid. Millikin also provides information on available loan programs and student employment to help families with the costs of higher education. Student aid from the following resources is awarded based on results of the Free Application for Federal Student Aid (FAFSA). The FAFSA is the only financial aid application required by Millikin for determination of assistance based on financial need. The FAFSA is filed each academic year to determine continued eligibility for these programs. Students and parents can complete the FAFSA online at www.fafsa.gov. Millikin's school code is 001724.

Merit-Based Aid

Merit-based aid is given based on previous academic history, talents, skills, extra-curricular and/or community involvement. For more information go to the "Scholarships and Grants Link".

Grant Assistance

Need Based Grants:

Millikin Tuition Grants Funds—More than $20 million is awarded annually from University resources and endowed scholarship funds to students who demonstrate a financial need at Millikin. Awards vary based on the student’s level of financial need.

Illinois Monetary Awards Program (MAP) Grant—This program provides over $4 million annually to Millikin Students. The grant assists Illinois residents who attend Illinois postsecondary institutions. Eligibility is determined by the Illinois Student Assistance Commission (ISAC) based on FAFSA information and a prescribed formula set annually. For maximum award eligibility, a student must be enrolled in 15 credit hours. The award will be adjusted if the student is enrolled in less than 15 credit hours. The maximum award for 2015-16 is $4,720. MAP DisclosureFederal Pell and Federal Supplemental Educational Opportunity Grants (SEOG)—The Federal Pell and SEOG programs provide over $3.8 million annually in grant assistance to Millikin students who demonstrate a high financial need. Eligibility is based solely on FAFSA results and maximum award amounts are set annually by Federal guidelines. Federal Pell Grant awards range from $600 to $5645.

Work-Study Programs—Millikin provides a variety of opportunities for part-time campus employment. Most of the on-campus positions are funded as part of the need-based Federal Work-Study program. Students must have a FAFSA on file with Millikin to be determined eligible for this program.

Loan Programs

Loans are the elements of a financial aid package that must be repaid. Some loans are offered by the federal government, others come from private sources. Each loan program is described below.

Federal Direct Subsidized Loan—Eligibility for the Federal Direct Subsidized Loan is based on financial need. Interest on the loan is paid by the Federal Government as long as the student is enrolled at least half-time (6 credit hours) during the term. The subsidized loan offers a 6 month grace period, before repayment on the loan is expected. The interest rate is determined each year by Federal guidelines. For 2015-16 the Federal Subsidized Direct Loan interest rate is 4.29%. From October 2014-October 2015 a loan fee of 1.073% will be assessed by the Department of Education before disbursement.

Federal Direct Unsubsidized Loan - Eligibility for the Federal Direct Unsubsidized Loan is not based on financial need. The interest accrues on this loan while the student is still enrolled. The student may pay this interest while in school, or they can allow it to accrue and capitalize. Repayment begins six months after the student graduates or ceases to be enrolled at least half-time (6 credit hours) during the term. The interest rate is determined each year by Federal guidelines. For 2015-16 the Federal Unsubsidized Direct Loan interest rate is 4.29%. From October 2014-October 2015 a loan fee of 1.073% will be assessed by the Department of Education before disbursement.

Maximum annual limits for undergraduate and graduate students are monitored by the college based on federal regulations.

Annual Limits

Subsidized (Max.)

Total Subsidized and/or Unsubsidized

Dependent Undergraduates

First Year

$3,500

$5,500

Second Year

$4,500

$6,500

Third Year and higher

$5,500

$7,500

Independent Undergraduates

First Year

$3,500

$9,500

Second Year

$4,500

$10,500

Third Year and higher

$5,500

$12,500

Graduate and Professional Students

$20,500

Federal Perkins Loans — The Federal Perkins Loan is based on financial need. Interest on the loan is paid by the Federal Government as long as the student is enrolled at least half-time (6 credit hours) during the term. The Perkins Loan offers a 9 month grace period, before repayment on the loan is expected. The interest rate is 5% fixed. If you have been offered a Federal Perkins Loan on your financial aid award letter, please be sure to complete your master promissory note - link is on our loan program page. Millikin's Perkins Loan is processed by our loan servicer Educational Computer Systems, Inc. (ECSI).Parent Loans for Undergraduate Students (PLUS) — This federal loan program allows parents to borrow on behalf of their dependent student who is attending at least half-time (6 credit hours). The annual limit for this loan is determined by subtracting the total financial aid received from the student's total cost of attendance. The loan requires successful completion of a credit check. For 2015-16 the interest rate is 6.84% and the Dept of Ed will assess a fee of 4.292% before disbursement. Repayment begins 60 days after the loan is fully disbursed. The PLUS loan can be deferred until the student graduates or ceases to be enrolled. The deferment option can be requested through the loan servicer. If a parent is not approved for the PLUS Loan, we will offer up to $4000 additional for Freshmen and Sophomores and up to $5000 additional to Juniors and Seniors, in the Unsubsidized Direct Loan. The parent will receive an immediate response on his/her PLUS Loan and Millikin will be notified electronically.

Private/Alternative Loan - The private/alternative loans are commercial educational loans that may be used to close the gap between your financial aid and cost of attendance. Interest rates will vary from lender to lender. You can view our historical lender list on our loan program page. You are not limited to the lenders listed. There are many alternative loan options in the lending community. Personal research is up to each individual or family, as Millikin cannot advise on these products.

Financial Aid Information and Resource - A resourceful tool in college planning is College Illinois powered by Illinois Student Assistance Commission (ISAC). You can view borrowing basics, financing, scholarships and college planning tips at http://www.collegeillinois.org.